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Schaeuble Says Must Have ‘Understanding’ for Greek Difficulties

German Finance Minister Wolfgang Schaeuble said there has to be “understanding” for the difficult situation Greece is in and it’s clear that the country lost time because of repeated elections. Photographer: Jock Fistick/Bloomberg
German Finance Minister Wolfgang Schaeuble said there has to be “understanding” for the difficult situation Greece is in and it’s clear that the country lost time because of repeated elections. Photographer: Jock Fistick/Bloomberg

Aug. 23 (Bloomberg) -- German Finance Minister Wolfgang Schaeuble said there has to be “understanding” for the difficult situation Greece is in and it’s clear that the country lost time because of repeated elections.

Still, giving Greece more time to meet its obligations under the international aid program would not be a solution to its problems and would cost creditors more after they “went to the limits” of what’s economically justifiable, Schaeuble said in comments to SWR2 public radio today that were e-mailed to news outlets by the Finance Ministry.

Half a year after conducting a Greek debt writedown, “we can’t simply say that’s not enough,” Schaeuble said. “That way you’ll never gain the trust of the financial markets. And so more time is no solution to the problems. The question is how we win back confidence. But for that we need to wait for the report of the troika that’s due in September.”

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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